Mativ Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Mativ Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Revenue	840	982	1,041	1,023	1,074	931	1,637	2,026	1,981	1,987
Cost of revenue	582	699	763	733	766	748	1,331	1,670	1,617	1,624
Gross profit	258	283	279	290	308	183	306	356	364	363
Research and development	17.5	17.8	15.2	13.5	13.8	11.8	18.8	21.2	23	23.6
Selling, general and administrative							255	264	234	229
General and administrative	79.5	95.9	90.9	105	117	153	249	246
Operating expenses	122	147	142
Operating income	110	128	135	134	129	-16.2	-40.2	-414	6.3	-384
Interest expense	16.6	26.9	28.2	36.1	30.5	40.4	57.3	62.2	74.7	71.1
Other non-operating income	0	0.1	10	-1	-1	30.1	1	-4.8	-3.2	-7.5
Pre-tax income	93.4	102	117	96.9	97.3	-26.5	-96.5	-481	-78.9	-463
Income tax	15.4	69.6	10.7	15.2	18.4	-28.2	-27.6	26.8	-30.2	-126
Income from continuing operations	82.8	34.4	94.8	85.8	83.8	1.7	-68.9	-508	-48.7	-337
Net income	82.8	34.5	94.5	85.8	83.8	88.9	-6.6	-310	-48.7	-337
EBITDA	155	188	197	192	199	50.9	69.7	-266	150	-243
EPS, basic	2.71	1.12	3.07	2.78	2.68	2.83	-0.18	-5.69	-0.90	-6.19
EPS, diluted	2.70	1.12	3.06	2.76	2.66	2.80	-0.18	-5.69	-0.90	-6.19
Shares, basic (weighted)	30.3	30.4	30.6	30.7	30.8	31	42.4	54.5	54.3	54.6
Shares, diluted (weighted)	30.5	30.5	30.7	30.8	31.1	31.4	42.4	54.5	54.3	54.6
Dividend per share	1.62	1.69	1.73	1.76	1.76	1.76	1.68	1.00	0.40	0.40

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	107	107	93.8	103	54.7	71.2	101	120	94.3	84.2
Receivables	115	149	155	143	149	238	178	177	162	181
Inventory	119	155	152	161	180	260	415	353	355	329
Other current assets	5.1	5.4	5.1	7.4	7.3	12.4	27.6	32.3	25.7	21.1
Total current assets	364	433	429	428	396	595	975	713	658	639
Property, plant and equipment	307	362	340	330	339	462	692	673	620	625
Lease right-of-use assets				20.9	19.8	25.1	30.6	45.6	46.4	48.4
Goodwill	230	341	338	337	404	645	844	474	466	57.6
Intangible assets	178	297	273	251	315	514	710	631	553	514
Other non-current assets	27.5	39.5	33.9	69.2	69.2	76	110	81.8	79.8	63.9
Total assets	1,174	1,543	1,467	1,472	1,585	2,420	3,669	2,642	2,448	2,052
Accounts payable	50.3	59.4	65.7	66.4	60.5	116	181	139	152	161
Accrued liabilities	77.2	78.6	72.9	86.5	101	102	129	114	101	111
Short-term debt	3	5.1	3.3	1.9	2.8	3.2	33.6	2.8	2.6	2.9
Total current liabilities	136	147	144	158	167	231	466	281	275	285
Long-term debt	437	679	619	541	591	1,265	1,656	1,102	1,087	1,015
Lease liabilities				17.2	15.6	18.7	25	35.3	36.4	38.8
Other non-current liabilities	29.3	59.9	43.1	74.4	78.6	70.5	31.5	44.4	20.3	68.7
Total liabilities	665	996	909	874	935	1,738	2,490	1,693	1,589	1,553
Total debt	440	684	622	543	598	1,286	1,723	1,129	1,113	1,034
Paid-in capital	59.2	66.3	71.1	78.8	92.2	102	659	670	676	685
Retained earnings	585	567	608	638	666	696	611	235	164	-196
Other comprehensive income	-139	-89.4	-125	-123	-112	-119	-95.4	39.1	13.1	4
Shareholders' equity	508	547	558	598	650	682	1,179	949	859	499
Total equity	508	547	558	598	650	682	1,179	949	859	499
Total liabilities and equity	1,174	1,543	1,467	1,472	1,585	2,420	3,669	2,642	2,448	2,052
Shares outstanding	30.5	30.7	30.8	30.9	31.3	31.4	54.9	54.2	54.3	54.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Net income	82.8	34.5	94.5	85.8	83.8	88.9	-6.6	-310	-48.7	-337
Depreciation and amortization	44.5	59.5	61.6	57.7	70.1	67.1	110	148	144	141
Stock-based compensation	5.8	7.1	4.8	7.7	8.8	8.5	20.4	10.5	11.4	11.1
Deferred income tax	-16.2	1.6	7.5	-3.4	-5.2	-29	-28.9	23.8	-34.3	-130
Change in inventory	-6.9	-6.4	-4.9	-11.2	-3.5	-15.9	-62.9	52.2	-26	19.3
Change in payables	-3.7	4.7	8	-2.1	-12.7	-3.3	-15.3	-64.4	20.6	8.3
Cash from operations	130	131	139	160	162	58	202	107	94.8	134
Capital expenditures	-27.8	-37.2	-27	-28.6	-30.1	-19.4	-45.6	-66	-55	-40
Acquisitions	0	-292	0	0	-169	-631	-463	0	0
Cash from investing	-22.4	-319	-27.5	-14.8	-203	-636	-481	547	-56.7	-37
Debt issued	35.6	441	634	19.1	213	744	775	241	531	82
Debt repaid	-171	-209	-694	-99.5	-165	-54.3	-341	-835	-555	-162
Share buybacks	-0.7	-1.2	-3	-0.9	-1	-3.4	-6.9	-10.6
Dividends paid	-49.4	-51.9	-53.2	-54.4	-55	-55.3	-72.2	-55.3	-21.6	-22.3
Cash from financing	-186	180	-121	-136	-8.6	600	332	-663	-55.9	-107
Exchange rate effect	-0.7	7.5	-3.8	-0.5	1.8	-1.5	-2.7	4.9	-8.1	5.4
Net change in cash	-79.1	-0.5	-13.1	9.2	-48.3	20	49.7	-4.2	-25.9	-4.5
Free cash flow	102	93.8	112	132	132	38.6	157	40.6	39.8	93.8
Interest paid	13.3	22.7	24	29.1	31.4	47.4	84.6	121	90.8	82.8
Income taxes paid	31.9	38.1	23.2	20.8	14.8	22.4	26	37.5	14.9	11.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $11.92 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	19.4%	Gross profit / revenue.
Operating margin	3.5%	Operating income / revenue.
EBITDA margin	9.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.9%	Pre-tax income / revenue.
Net margin	4.5%	Net income / revenue.
FCF margin	6.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.1%	Cash from operations / revenue.
Return on equity (ROE)	19.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.5%	Net income / average total assets.
Return on invested capital (ROIC)	3.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.1%	Research and development expense / revenue.
SG&A / revenue	11.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	6.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-6,202.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-262.2%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	41.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-12.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-3.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	135.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-15.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-6.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-38.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-25.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-41.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-24.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-5.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-16.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-17.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	11.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.98x	Current assets / current liabilities.
Quick ratio	0.84x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.20x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.15x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	50.8%	Total debt / total assets.
Liabilities / assets	76.4%	Total liabilities / total assets.
Net debt	$944.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.92x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.96x	Operating income / interest expense.
Working capital	$323.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	26.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$61.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.00x	Revenue / average total assets.
Fixed asset turnover	3.34x	Revenue / average property, plant and equipment.
Inventory turnover	4.71x	Cost of revenue / average inventory.
Days inventory	77 days	365 x average inventory / cost of revenue.
Receivables turnover	9.41x	Revenue / average receivables.
Days sales outstanding	39 days	365 x average receivables / revenue.
Days payables	45 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	71 days	Days inventory + days sales outstanding - days payables.
FCF conversion	142.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.61	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$35.71	Revenue / diluted weighted shares.
FCF per share	$2.29	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.89	Cash from operations / diluted weighted shares.
Book value per share	$8.54	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.12	Tangible book value / shares outstanding.
Cash per share	$1.20	(Cash + short-term investments) / shares outstanding.
Payout ratio	25.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	17.5%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$657.9M	Share price x shares outstanding.
Enterprise value	$1.60B	Market cap + total debt - cash - short-term investments.
P/E	7.35x	Market cap / net income. Only when net income is positive.
P/S	0.33x	Market cap / revenue.
P/B	1.40x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	5.15x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.09x	Market cap / cash from operations, when positive.
EV/Sales	0.81x	Enterprise value / revenue.
EV/EBIT	23.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.34x	Enterprise value / EBITDA, when both are positive.
EV/FCF	12.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	19.4%	Free cash flow / market cap.
Earnings yield	13.6%	Net income / market cap (the inverse of P/E).
Dividend yield	3.4%	Dividends paid over the period / market cap.
Shareholder yield	3.4%	(Dividends paid + share buybacks) / market cap.

What was Mativ Holdings, Inc.'s revenue in fiscal 2025?

Mativ Holdings, Inc. reported revenue of $1.99B for fiscal 2025, 0.3% higher than the year before.

Was Mativ Holdings, Inc. profitable in fiscal 2025?

No. It reported a net loss of $337.4M.

How much free cash flow did Mativ Holdings, Inc. generate in fiscal 2025?

Cash from operations of $133.8M minus capital expenditures of $40.0M left free cash flow of $93.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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